Technical analysis

CHFJPY Wave Analysis 31 March, 2021

CHFJPY Wave Analysis 31 March, 2021

• CHFJPY broke resistance area

• Likely to reach resistance level 118.00

CHFJPY recently broke the resistance area lying between the resistance level 117.00 (previous upward target) and the 50% Fibonacci correction of the downward impulse c from the middle of March.

The breakout of this resistance area accelerated the active impulse wave 3 of the extended upward impulse sequence (3) from last September.

CHFJPY is likely to rise further toward the next resistance level 118.00 (which stopped the previous minor correction (b)).

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